building owner insurance Archives

I Want to Rent Out My Home. What Do I Need to Do?

Renting is on the rise, and many homeowners are deciding to rent out their old homes rather than sell them. If you fall into that camp, you’ll want to talk to us about changing your current homeowners insurance policy to a rental policy. Your insurance A rental policy will protect your home’s structure and a small amount of furnishings in your home. (If you are renting your home furnished, you can add additional coverage for extra furnishings.) So you’d have coverage for your home if lightening ruined its roof or if a visitor slipped and fell on an icy stoop. Another important benefit is fair rental value. In the event that your home suffers a loss that is covered and your tenant can’t live in your unit until repairs are made, your policy can provide up to 12 months of fair rental value. This means you won’t lose out on the rental income you may rely on each month.… Read More

The Ultimate Guide to Fire Extinguishers

After a close call in my apartment–who knew olive oil is bad for high-heat cooking? – it dawned on me that I had never used a fire extinguisher. I’m no fire chief, but learning on the fly while your smoke detector is blaring seems like the wrong time to figure that out. Fortunately, I removed my smoking pan from the heat before anything could ignite—but the experience left me reeling. Don’t wait until the heat of the moment to wonder about fire extinguishers. Here’s what smart homeowners (and renters) need to know. Do I need a fire extinguisher? Short answer: Yes. It’s a good idea to have at least one, although many experts, like the National Fire Protection Association, recommend having a fire extinguisher on each floor. Place yours near an exit, in an easy-to-grab spot. A fire extinguisher can make a big difference in an emergency, but it can’t replace your most important safety tools: working smoke alarms and a fire escape plan.… Read More

What is the City Responsible For?

When things go wrong inside your house, you know the burden’s on you (or your homeowners insurance) to get things fixed. Things can get a little confusing when something is kind of yours and kind of your city’s responsibility. Who pays then? While there’s usually no clear-cut answer, the following information can give you some clarity around the issue. Trees Trees cause more than $1 billion of property damage in the United States every year. Who pays for that damage can be tricky. And that’s true whether your neighbor’s tree falls in your yard or a tree straddles the line between your property and your city’s property. If a tree is located between your street and your sidewalk, it is typically owned by the city. So it would probably be your city’s responsibility to remove it if it fell or became damaged. Many cities have an arborist on staff who can let you know for sure.… Read More

Eight Tips to Help Avoid Costly Slips, Trips & Falls

No one wants to see employees hurt on the job, especially if an accident was preventable. Unfortunately, slips, trips and falls can be major and costly accidents in the workplace. Nearly 20 percent of the workers’ compensation claims filed last year were due to slips and falls. About one-third missed work for a significant time because of their injuries, which can increase the cost of claims dramatically. With a proper safety plan in place, you could avoid accidents or reduce the severity of accidents, decrease an injured employees’ time away from work and avoid productivity drops. You could also keep your costs in check. What are the common causes of slips, trips, falls? Slips, trips and falls can occur on a variety of walking surfaces as well as on ramps and stairways. Some of the major hazards associated with these accidents can include: Slippery, broken or uneven surfaces Inadequate spill cleanup Poor drainage Weather conditions Loose rugs or wrinkled carpet Clutter, poor lighting or obstructed views 8-question checklist for evaluating floor safety So are the floors at your business safe?… Read More

What Happens If My Neighbor’s Tree Falls in My Yard?

Trees can be tricky, but for the most part homeowners, building owners and landlords are responsible for what falls into their own yard. So if your neighbor’s tree falls in your yard, your homeowners insurance would typically help cover the cost of removing the tree and remedying the damage it caused, after your deductible. The same is true in reverse: If a tree on your property falls in your neighbor’s yard, your neighbor should file a claim with his or her insurance company. In most cases, neighbors are able to work things out without too much trouble. If there’s ever an issue, you can rely on your claims adjuster to help straighten everything out. The claims process If a tree falls on your house, make sure to take some photos. Then call your claims adjuster, who will evaluate the damage and explain how your homeowners coverage comes into play. It’s recommended that you call your claims adjuster before you contract to have the tree removed.… Read More

Five Steps for Landlords to Safely Rent to Dog Owners

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What Keeps You Awake at Night? If you are a landlord, perhaps you’d like to rent to people with pets, but the implications worry you too much. In fact, concern about what could happen keeps you awake at night. You imagine that new hardwood floor scratched to pieces, antisocial barking, and tenants with a vicious dog that refuse to leave. Then there is your worst nightmare of the dog attacking another tenant and you being liable. But you can stop worrying because by following these five simple steps, you can rent to pet owners and rest easy. Advantages of Pet-Owning Tenants There is a large pool of responsible people out there with good, regular income who are desperately seeking accommodation just like yours. You’d be happy to rent to them, right? If the only thing stopping you is their pet, think again. Statistics show that pet owners are more likely to have a good, regular income than non-pet owners, and that pet owners are more commonly long-term tenants who move less frequently.… Read More